Bitcoin's Pullback to $60,000 on February 6: Cohort Shifts and ETF $6B Flows

Bitcoin fell to a multi-year low of $60,000 on February 6 after a downtrend that began in early October, and remains negative year to date. Wallets with 10–10,000 BTC trimmed holdings by 0.8% while micro accounts with 0.1 BTC or less added 2.5%, a split that does not signal a reversal. ETF participation swung from over $6 billion inflows to multi-week net outflows, with notable billion-dollar withdrawals.